Europe GDP bounce. Translation: no ECB QE for Christmas

This morning’s headline is topped with a report that Europe’s GDP bounced in Q3. It was not much of a bounce mind you. Q3 is said to have grown .2% (0.8% annualized pace) over  a flat (zero growth) Q2.  Germany and France avoided contraction, but Italy did not.

Upshot: No new ECB monetary policy candy (full QE) will be announced at the December 4th meeting.  Better hope this BoJ QE expansion keeps the party going. I have doubts.